China to adjust import, export tariffs from January 1

25-Dec-2018

China to adjust import, export tariffs from January 1

China will adjust import and export tariffs on some products starting Jan. 1, said the finance ministry on its official website.

China will set temporary tariffs on more than 700 items, including zero tariffs on some raw materials for drugs and solid waste, and keep relatively low import tariffs for aircraft engines and welding robots used in auto assembly lines, it was said.

The measures are designed to expand imports, reduce costs and assist supply-side structural reforms, according to the statement.

For exports, China will not levy export tariffs on 94 products including fertilizer, iron ore, coal tar and wood pulp, said the ministry.

To support the “Belt and Road” initiative and free trade zones, China will set provisional tariffs on some goods from 23 countries or regions. From July 1, it will further cut most-favored nation tariffs on 298 information technology products.

The ministry said adjustments can benefit the balanced development of domestic industries, promote China’s opening-up and international cooperation, and sustain steady growth in China's foreign trade.